Having a car loan is a big financial responsibility. If you fail to either make your car payments or do not pay your loan, you could have your car repossessed by the lender. The Law Office of Bardsley and Gray serve New Bedford, Dartmouth, Fall River, Bristol County and Plymouth County Massachusetts for cases related to bankruptcy as a result of a car repossession.
Why Could Your Car Get Repossessed?
There are many factors that could begin the process of your car being repossessed. The most common reason is either that the loan payment has not been made to the lender, or you do not have adequate car insurance. When you finance or lease a car, you normally give the lender a security interest in the vehicle. Every state has its own laws with regard to repossession; however, in most cases, the lender does not need to give you a lot of notice. A usual ten-day letter is all that is required.
Although car lenders do not need to give you much notice if you are in default, the lender cannot breach the peace during the process. Breaching the peace is defined as the threat to use either physical force or violence against you when repossessing your automobile. If your lender commits a breach of the peace, the attorneys at the Law Office of Bardsley and Gray can help. Our attorneys can tell you if you are entitled to damages, a potential remedy or defense.
What Happens after Your Car is Repossessed?
The lender can do a few things with your car after repossession. The lender can either keep the car or auction the vehicle it to settle the loan that you did not pay. Every State has its own set
of laws when selling the car, but in most cases you have a right to know when and where the sale will take place. The lender needs to follow a standard sales practice, but they are not required to obtain the highest possible price.
Car repossession is one the many causes for filing for bankruptcy. Learn more about car repossession and bankruptcy in New Bedford, Dartmouth, Fall River, Bristol County, Plymouth County, Southeastern Massachusetts from our attorneys and how you can prevent this from occurring to you. Contact the Law Office of Bardsley and Gray today for a free consultation.